Vietnam automobile sales are expected to be brighter in 2H2023
- In Jun-2023, sales of passenger cars (PCs) reached 16,572 units (+18.9% MoM; -24.9% YoY). The imported car number also presented positive growth of +18.4% MoM to 9,006 units. We believe that the positive MoM growth is a good indicator for the recovery of sales in 2H2023 on the back of favorable business conditions.
- Given upcoming favorable business conditions with issued buffer policies and the completion of road infrastructure projects, 2H2023 is turning out to be a better time for automobiles consumption than 1H2023. We calculate that the strong sales of 2H2023 will compensate for the weak sales of 1H2023, resulting in stable sales compared to the 2022 results.
- Due to the weak sentiment regarding the economic outlook in Q2 2023, we expect that results of Vietnam’s automobile distributors will suffer. However, we suppose that the picture for 2H2023 will reverse compared to 1H2023. The combination of lower registration fees and higher demand will help these companies to save costs, resulting in improved profit margins.
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